The CPI based inflation rate was 5.69 percent in December, 2023 and 6.52 percent in January, 2023.
Photo courtesy: TV9 Bharatvarsh
CPI Inflation Data: Due to lower prices of food items, retail inflation rate has come down to 5.1 percent in January. This is its lowest level in three months. The inflation rate based on Consumer Price Index i.e. CPI was 5.69 percent in December, 2023 and 6.52 percent in January, 2023. It is noteworthy that in January 2024, the food inflation rate has also seen a decrease as compared to December 2023. Food inflation rate was 8.30 percent in January which was 9.53 percent in December 2023. In August last year, the inflation rate had reached a high of 6.83 percent.
Prices of fruits and vegetables still high
Even though there is a decline in the inflation rate of food items in January 2024 and December 2023, the prices of food items are still higher than in January last year. In January this year, the inflation rate of pulses was 19.54 percent, which was 20.73 percent in December 2023. Apart from this, there has also been a slight decline in the prices of fruits and vegetables. Compared to December, the prices of vegetables have come down from 27.64 percent to 27.03 percent. The inflation rate of fruits was 8.65 percent in January which was 11.14 percent in December 2023. The inflation rate of spices has also come down to 16.36 percent from 19.69 percent in December.
Relief in inflation of food items
According to the data of National Statistical Office (NSO), the growth rate of food items was 8.3 percent in January this year, which is less than 9.53 percent in the previous month. This is the reason why there is a decline in retail inflation rate. However, the inflation of food items is still higher this year compared to January last year. Retail inflation has come down to around 5 percent and is within the target of RBI. The Reserve Bank of India has been given a target of keeping the retail inflation rate at four percent with a variation of two percent.
Published – February 12, 2024, 07:12 IST
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